Millwall say an offer from Lewisham Council following the row over a sell-off of land around their ground, is "disappointing".
The club's hierarchy met with the council on March 14 to discuss leases they held on land adjoining The Den.
Renewal, a developer in charge of the huge Surrey Canal regeneration project, is trying to acquire three parcels of land.
In a statement, the club said a financial offer from the council to change its leases was "disappointing and well below the club's expectations".
The statement said: "Millwall Football Club is now carefully considering the steps that it should take to protect the long term interests of the club, its fans and its community scheme."
It added: "The council has made it clear in public the sales of the freeholds around The Den to Renewal are conditional on new leases being agreed with Millwall and its community scheme which holds the lease on the Lions Centre.
"However, the council has also stated it will seek compulsory purchase orders to take back the leases if agreement cannot be reached.
"Millwall does not wish to relinquish its leases."